Why Indian unicorns are exiting Indonesia

More: Mamaearth eyes an IPO, and a new DAO has been launched. [Read from your browser]( Daily Newsletter Hello {NAME} On the surface, India and Indonesia seem pretty alike. They’re both emerging economies with similar demographics, purchasing power, geographical diversity, and small mom and pop shops (warung and kirana stores) that power much of everyday life. But it appears that this may be where the similarities end. Given Indonesia’s size and market potential, it’s no surprise that major Indian unicorns have made forays into the archipelago. However, it seems like these efforts may not have borne fruit. -- Stefanie  ---------------------------------------------------------------  THE BIG STORY [Indian unicorns exit Indonesia, raising questions over expansion strategy]( MPL’s recent retreat from Indonesia illustrates broader challenges that Indian startups face when expanding in Southeast Asia’s largest market.  --------------------------------------------------------------- IN PARTNERSHIP WITH  To fintech and beyond The impact of financial technology is undeniable. The industry has transformed the way we buy, pay, and understand finance, and it’s constantly evolving. If you’re keen on learning about what lies ahead for the fintech sector, join this year’s Fintech Forum! 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Sign up for Fintech Forum [here](.  --------------------------------------------------------------- TRENDING NEWS [Carsome hits brakes on US, Singapore listing plans]( In April, it was reported that Carsome was aiming to raise US$400 million at a valuation of US$2 billion through the dual listing. [Coinbase-backed SG crypto exchange trims 30% of staff]( Vauld confirmed to Moneycontrol that the positions affected were mainly those in marketing, talent acquisition, and other fields. [SoftBank names Alex Clavel as CEO of its international unit]( Clavel will start in the new role on June 30. [Singapore-based neobanking firm bags $270m in series C money]( In partnership with payments titan Visa, Stashfin provides a credit line card to help customers access the credit facility. [Sequoia-backed Indian beauty firm seeks $3b valuation in 2023 listing]( Mamaearth is looking to raise US$300 million from an IPO next year, Reuters reported. 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